Ceiops opens discussion to converge supervisory reviews

Insurance adviser to the European Commission, Ceiops has begun work to develop consistent supervisory reviews and reporting requirements across Europe’s regulators under Solvency II. In a new issues paper, Ceiops proposes a framework that would converge the supervisory review process in the assessment of insurance and reinsurance firms. Under the current framework for Solvency II, insurers and reinsurers will be required to provide an annual Solvency and Financial Condition Report (SFCR) and a confidential submission to supervisors which together will be used by supervisors to pri-oritise their work and oversight of firms.